Contact:
Lois Whitehead, Public Relations Manager
212-719-8405
lwhithead@nysscpa.org

NEW YORK, NY, May 13, 2004 – The New York State Society of Certified Public Accountants has honored Arthur H. Carter, CPA and Homer S. Pace, CPA (both deceased) with induction to its Hall of Fame.

Carter joined the Society in 1919 and was its President from 1930-1933. He had two professional careers together spanning 40 years, 17 with the US Army and 23 in professional accounting. He became a partner in the accounting firm of Haskins and Sells, and served as its managing partner from 1927-1941. He later became Executive Accountant for the US Department of War from 194l to 1946 and reviewed and recommended improvements in the auditing organization and procedures of the War Department.. He was appointed Fiscal Director of the Army Services Forces with the rank of Major General and with responsibility for the accounts and all fiscal services of the War Department. He received the rank of Major General and was awarded a Distinguished Service Medal and Oak Leaf Cluster.

In nominating Carter to the Hall of Fame, Jo Ann Golden, CPA, Chair of the Society’s Awards Committee, called him “a remarkable leader in the accounting profession”. “Carter created history within the profession throughout his life. A most outstanding example was when he testified before the Senate Committee on Banking and Currency in 1933 and convinced the senators to require audits of securities registrants by independent CPAs. This was right after his service to the Society while he was Managing Partner at Haskins and Sells. The depth of his service to the profession is inspiring for today’s and tomorrow’s CPAs.”

Pace served as the Society’s President from 1924 to 1926. He was Acting Deputy Commissioner of the Internal Revenue Service from 1918-1919. In studying for his CPA exam in 1904 he found accounting literature in the United States to be practically nil. After passing the exam, he and his attorney brother formed Pace & Pace and started tutoring candidates for the New York State CPA exam in a one-classroom school. These studies, expanded to lectures on accounting, law and applied economics, and were moved to the 23rd Street Y.M.C.A. in New York City. Within three years, hundreds of students were enrolled in the courses now being offered in a number of Y.M.C.A.s schools. These successes spurred additional Y.M.C.A. Extension and Pace Private schools, all featuring the Pace Standardized Courses, to be opened in major cities throughout the country. By 1919 over 4,000 students were taking these courses in just the New York City metropolitan area and by 1921 more than fifty schools.

The Pace Institute became a corporation in 1935 and added to its liberal arts offerings, in 1942 a non-profit institution, in 1948 a college and in 1973 a university with campuses in New York City and Westchester County. It is the only major U.S. university that had its beginnings as a school of accounting.

In nominating Homer S. Pace, CPA to the Hall of Fame, Allan M. Rabinowitz, CPA, Professor of Accounting at Pace University, said, “Few have done more to advance the CPA profession in this country, providing accounting education and inspiring future accountants. Pace University is a testament to Homer Pace’s vision and his abiding dedication to the accounting profession. I, and countless others, have been the beneficiaries of his devotion and foresight.”

The Society’s Hall of Fame was established in 2000. Criteria for acceptance requires that an individual:

• Demonstrated leadership within the profession and in the larger community within New York State;
• Demonstrated a record of achievement and provided vision and knowledge of broad business issues;
• Made a demonstrated impact on the profession through outstanding professional accomplishments
• Provided distinguished service to the profession or the larger community;
• Contributed to accounting research, literature, or education
• Demonstrated commitment and leadership in adapting to changes in the profession;
• Made a contribution toward influencing the future of the profession;
• Provided significant service to accounting organizations;
• Been a member of the NYSSCPA for a significant part of his/her career;

Candidates also must have worked for a minimum of 25 years as a CPA, with 10 of those years of experience in New York State, and have either attained the age of 65 or who have died, become disabled or otherwise ceased to be actively engaged in accounting-related employment

About the NYSSCPA

Representing 30,000 CPAs, the New York State Society of Certified Public Accountants (NYSSCPA) is the oldest and largest state accounting organization in the nation.

Incorporated in 1897, the Society is a not-for-profit organization that seeks to establish and maintain high standards of integrity, honor, and character among certified public accountants. Its members are CPAs working in public practice, industry, government and education in a state that serves as the home of Wall Street and major financial institutions.The New York State Society of CPAs is located at 530 Fifth Avenue, New York, NY 10036. To learn more about the Society call 800-633-6320 or visit the Society’s website at www.nysscpa.org.